https://www.taxtmi.com/caselaws?id=289695 The Tribunal partially allowed the appeal, directing the Assessing Officer to re-examine the disallowance under Section 14A and the treatment of Optional Convertible Debentures (OCDs) as a business loss. The AO was instructed to ensure compliance with legal requirements and allow the assessee an opportunity to present evidence on the new ground raised regarding the write-off as a business loss. The Tribunal emphasized the need for objective satisfaction before disallowing expenses under Section 14A and held against the assessee on the bad debts written off, determining that they did not qualify as business assets. en-us Thu, 31 Aug 2017 00:00:00 +0530 Mon, 17 Aug 2020 07:35:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289695 The Tribunal partially allowed the appeal, directing the Assessing Officer to re-examine the disallowance under Section 14A and the treatment of Optional Convertible Debentures (OCDs) as a business loss. The AO was instructed to ensure compliance with legal requirements and allow the assessee an opportunity to present evidence on the new ground raised regarding the write-off as a business loss. The Tribunal emphasized the need for objective satisfaction before disallowing expenses under Section 14A and held against the assessee on the bad debts written off, determining that they did not qualify as business assets. Case-Laws Income Tax Thu, 31 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289695